After being taken over by a subsidiary of Swiss calcium producer Pleuss-Staufer AG, Toronto-based Steep Rock Resources (TSE) is scheduled to be delisted.
MAS Minerals recently purchased over 90% of Steep Rock’s shares in a transaction approved under the Investment Canada Act. Under an agreement, MAS has offered to buy a major holding in Canadian Pacific Enterprises. Canadian Pacific previously held 79.61% of Steep Rock’s outstanding shares.
When MAS effects a compulsory acquisition of the remaining outstanding shares, Steep Rock will become a private company. “Pleuss-Staufer is a very efficient and dynamic company, and it will improve and expand Steep Rock’s calcium carbonate operations,” said Steep Rock President G. E. Wood.
First-half net earnings reported by Steep Rock decreased to $88,000 or 1 cents per share from $295,000 or 4 cents per share at the same time last year, the company said recently.
Second quarter net earnings were also down to $71,000 from $211,000 on June 30, 1987.
However, revenues increased to $5 million for the six months ended June 30, compared to $4.3 million last year.
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